10.21.2024 PropStream
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Key Takeaways:
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For savvy real estate agents, expired listings are hidden opportunities waiting to be unlocked.
Chasing these listings can be a game-changer if you excel at identifying the root problems and offering strategic solutions. Let’s dive into why listings expire and how you can turn them into success stories.
Table of Contents |
What Are Expired Listings?
An expired listing is a property that didn’t sell within the timeframe agreed upon by the broker and seller. It means the listing agreement has expired, and the seller is free to work with another agent to relist the property.
Listings can expire for several reasons, such as overpricing, poor marketing, lack of curb appeal, major problems with the property, sellers who aren’t willing to negotiate, and undesirable market conditions. You can potentially win over seller clients by highlighting how you’ll solve those issues when you relist and market their homes.
3 Tips for Reviving Expired Listings
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1. Revisit the Pricing
Overpricing is one of the most common reasons for a listing to expire, so running comparables is essential when relisting a property. This will help you determine a fair asking price.
If you get pushback from the seller, you can try explaining how changing the price could be the difference between zero offers and dozens of competitive bids. You could also walk them through your comp report and share market data to help them see the value in revisiting the price.
2. Give the Listing a Makeover
An in-depth, honest listing is crucial for a home to sell. The key word here is honest. A captivating listing doesn’t help if it’s not accurate. And if buyers feel a description is deceptive, they may decide to walk away.
However, “accurate” doesn’t mean boring. You can take your listing to the next level with high-quality, professional photos taken in optimal lighting. Photos should be edited to look their best—but not to the point that they could be misleading.
It’s also a good idea to add a floor plan, which offers a bird’s eye view of the home’s layout. Research shows adding a 3-D tour can be helpful, too, especially if you don’t have many listing photos, the property is in a low-income area, or you’re working at a small brokerage. These interactive, visual elements may help your listing stand out, increase the browsing time, and potentially lead to more and higher bids.
| Important Note: You’ll need the homeowner’s permission to add a floor plan or virtual tour to the listing. Even though floor plans have been considered fair use in real estate, it’s best to get permission to avoid potential conflicts. |
3. Market Creatively on Social Media
If you suspect that poor marketing is the reason behind an expired listing, you may be able to solve the issue with some social media know-how.
Instead of merely posting a listing link on Facebook occasionally, try to be creative with your social media marketing efforts.
Here are a few ideas to get you started:
Live tours: Consider livestreaming a tour of the house on Facebook or Instagram. You can answer questions as they roll into the comment section, and afterward, you can save the video and post it for others to watch at their convenience. (Again, make sure to get homeowner approval before doing this.)
Carousel ads: Typically, when creating a carousel ad, agents feature a different property on each card with their own photo, headline, and call-to-action button. But if you want to focus solely on a previously expired listing, be sure to highlight a different angle or feature of the home on each card.
Local hashtags: Instagram offers relevant hashtag suggestions, but it’s also a good idea to research local hashtags featuring the city or neighborhood. You can also look at what hashtags local businesses, charities, attractions, and events use.
How to Find Expired Listings
Finding expired listings doesn’t have to be complicated, especially with PropStream in your back pocket.
If you have an account, start by searching for your market and selecting the “Failed Listings” Quick List. Then, under MLS status, put 90 days minimum for Days on Market, and under Ownership Info, enter 3 years minimum for Years of Ownership.
Once you have a seller who’s interested in working with you to get their expired listing back on the market, you can also use PropStream to run comps and determine the home’s value. Simply search for the specific property and click on the “Comparables & Nearby Listings” tab, which will pull up a list of similar properties within a half-mile radius that have sold within the last year. Once you’ve identified the properties you want to include, you can download your report as a PDF.
